External Member of the Monetary Policy Committee

Body: Bank of England
Appointing Department: HM Treasury
Sector: Business, Finance & Skills
Location: Threadneedle Street
Skills required: Business / Commercial, Retail
Number of Vacancies: 1
Remuneration: £158100
Time Requirements: An average of 3 days a week

Campaign Timeline

  • Competition Launched


  • Closed for Applications


  • Panel Sift

    Mid February

  • Final Interview Date

    Mid March

  • Announcement

    Mid May


Assessment Panel

Vacancy Description

The Bank of England is the central bank of the United Kingdom. Standing at the centre of the UK’s financial system, the Bank is committed to promoting and maintaining monetary and financial stability. The Monetary Policy Committee (MPC) of the Bank of England has responsibility for formulating monetary policy.

The MPC consists of nine members – the Governor, the Deputy Governors for Monetary Policy and Financial Stability, and Markets & Banking, a member appointed by the Governor (the Bank’s Chief Economist) and four external members appointed by the Chancellor.

Person Specification

This is a high profile and influential role, requiring strong and proven economic and analytical skills. Candidates must demonstrate that they have used their economic expertise operating at a very senior level in commercial, retail, business, financial markets, a policymaking environment or academia – as a leader in their chosen profession or field of economics.

This role requires outstanding communication skills; candidates must be able to make a strong contribution to the MPC’s communications, explaining policy decisions to the public. Candidates must be independently minded and be able to exert their influence within the Bank, the MPC and in the wider external policy debate.

The Bank of England and HM Treasury have strong commitments to diversity and equality of opportunity, and welcome applications from candidates irrespective of their background, gender, race, sexual orientation, religion, or age, providing they meet the required criteria.  Both HM Treasury and the Bank are signatories to the Women in Finance Charter and applications from women and BAME candidates are particularly encouraged.

All disabled candidates (as defined by the Equality Act 2010) who satisfy the minimum criteria for the role will be guaranteed an interview under the Disability Confident Scheme.

For more information on the role specification and desired criteria, please see the candidate pack.

Additional Information

External MPC members are appointed on a part-time basis averaging three days a week. External appointments to the MPC are for a three-year term. There is the possibility of reappointment at the end of the term, although reappointments are not automatic, and external MPC members can serve a maximum of two terms. Total compensation is currently £158,100 per annum. This includes an allowance in lieu of pension, and is revised annually by the Bank’s Remuneration Committee.

How to Apply

Applications can be submitted to this email address: MPCApplication@hmtreasury.gov.uk 

You need to provide the following information: 

  • A full CV (including education and professional qualifications, career history, and relevant achievements and responsibilities).  
  • The names of two referees should be included in the CV. Referees should know you in a capacity to comment on your suitability for the appointment and have authoritative and personal knowledge of your achievements. References will only be taken up for short listed candidates, but will be sought prior to the interview. 
  • A covering letter of no more than 3 sides of A4 explaining how you meet the appointment criteria as detailed in the candidate profile and summarising the evidence from your career which best demonstrates your qualifications for the appointment. 
  • The completed Disability Confident Scheme, Political Activity and Conflict of Interest questionnaire, and the diversity monitoring form. Short-listed candidates will be asked to complete a more detailed statement of interests and relevant investments for the Bank. 
  • Daytime and evening telephone contact numbers and e-mail addresses, which will be used with discretion.

Your application will be acknowledged shortly after receipt and you will be informed by email or by telephone of the progress of your application.  

Candidate Pack - External MPC Member
Disability Confident Scheme, Political Activity, and Conflict of Interest questionnaire
Diversity monitoring form
Public Appointment Recruitment Privacy Notice
Candidate Pack - External MPC Member

This post is NOT regulated by The Commissioner for Public Appointments.

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